USHY vs. FTSL
USHY (iShares Broad USD High Yield Corporate Bond ETF) and FTSL (First Trust Senior Loan Fund) are both High Yield Bonds funds. USHY is passively managed, while FTSL is actively managed. Over the past 5 years, USHY returned 4.21%/yr vs 4.95%/yr for FTSL. At a 0.48 correlation, their price movements are largely independent. USHY charges 0.15%/yr vs 0.86%/yr for FTSL.
Performance
USHY vs. FTSL - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.75% return, which is significantly higher than FTSL's 0.51% return.
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
FTSL
- 1D
- -0.04%
- 1M
- -0.10%
- YTD
- 0.51%
- 6M
- 0.66%
- 1Y
- 4.27%
- 3Y*
- 7.06%
- 5Y*
- 4.95%
- 10Y*
- 4.44%
USHY vs. FTSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
FTSL First Trust Senior Loan Fund | 0.51% | 5.98% | 8.27% | 11.58% | -2.50% | 3.94% | 2.99% | 10.11% | -1.30% | 0.15% |
Correlation
The correlation between USHY and FTSL is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.48 |
The correlation between USHY and FTSL has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
USHY vs. FTSL — Risk / Return Rank
USHY
FTSL
USHY vs. FTSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) and First Trust Senior Loan Fund (FTSL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| USHY | FTSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.47 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 1.85 | +1.00 |
| Martin ratioReturn relative to average drawdown | 12.77 | 6.88 | +5.90 |
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Drawdowns
USHY vs. FTSL - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, roughly equal to the maximum FTSL drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for USHY and FTSL.
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Drawdown Indicators
| USHY | FTSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -22.67% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.33% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -2.66% | -2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -6.96% | -8.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.67% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.14% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -0.76% | -1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.63% | -0.09% |
Volatility
USHY vs. FTSL - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 1.20% compared to First Trust Senior Loan Fund (FTSL) at 0.36%. This indicates that USHY's price experiences larger fluctuations and is considered to be riskier than FTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | FTSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.36% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 1.95% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 2.11% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.35% | 3.35% | +4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.24% | 5.18% | +3.06% |
USHY vs. FTSL - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than FTSL's 0.86% expense ratio.
Dividends
USHY vs. FTSL - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.90%, more than FTSL's 6.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 6.47% | 6.59% | 7.56% | 7.59% | 4.77% | 3.17% | 3.48% | 4.44% | 4.29% | 3.64% | 3.70% | 3.95% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
USHY and FTSL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.20%) compared to FTSL (0.36%). In terms of maximum drawdown, USHY dropped -22.44% vs FTSL's -22.67%.
On 5-year performance, FTSL leads with 4.95% vs 4.21% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, FTSL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTSL has performed better with a 4.95% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.86% for FTSL.
USHY has the higher dividend yield at 6.90%, compared with 6.47% for FTSL.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for USHY and 0.86% for FTSL.
FTSL currently has the higher Sharpe Ratio (2.04 vs 1.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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